Global Automotive Plastics Market to be Driven by Increase in Automotive Manufacturing During the Forecast Period 2022-2027

Expert Market Research’s new report titled “Global Automotive Plastics Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027′, gives an in-depth analysis of the global automotive plastics market, assessing the market based on its segments such as products, processes, applications and major regions . The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2017-2027)

• Historical market size (2021): 21.01 billion USD
• Forecast CAGR (2022-2027): 7.95%
• Forecasted market size (2027): 33.25 billion USD

The automotive plastics market is augmented by the increasing manufacturing of automobiles. Rising demand for passenger vehicles due to rapid urbanization and industrialization, growing middle class population and rising disposable incomes are also driving the growth of the automotive plastics market. As various governments put in place stringent initiatives to reduce automotive emissions, the use of automotive plastics as alternatives to conventional metals is increasing and fueling the growth of the market. With the increasing volatility in iron and steel prices, the demand for automotive plastics owing to their cost-effectiveness is increasing, which is expected to support the market growth over the forecast period.

Automotive Plastics Market Industry Definition and Major Segments

Automotive plastics refers to plastics used in automobiles to reduce weight and improve fuel efficiency. They are also used to improve the safety and performance of automobiles. Additionally, automotive plastics allow for the minimization of automotive components to increase the flexibility of their designs. Polypropylene, polyurethane and polyvinyl chloride are among the most commonly used plastics in the automotive sector.

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The main products of automotive plastics are:

• Acrylonitrile butadiene styrene (ABS)
• Polypropylene (PP)
• Polyurethane (PU)
• Polyvinyl chloride (PVC)
• Polyethylene (PE)
• Polycarbonate (PC)
• Polymethyl methacrylate (PMMA)
• Polyamide (PA)
• Others

On the basis of process, the market is split into:

• Injection molding
• Blow molding
• Thermoforming
• Others

The market, based on application, can be segmented into:

• Powertrain
• Electrical components
• Interior furnishings
• Outdoor furniture
• Components under the hood
• Frame

The regional markets for automotive plastics are:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Automotive Plastics Market Trends

The growth of the market can be attributed to the introduction of various stringent government regulations aimed at improving the fuel efficiency of vehicles. As advanced plastic materials are lightweight, they are widely used to improve vehicle fuel economy while ensuring safety and high performance. With the growing demand for plastics in powertrain engineering applications, the market for automotive plastics is booming. During the forecast period, the market is expected to be driven by the growing preference for automobiles with improved safety, comfort, and durability. The growing popularity of electric vehicles in developing and developed countries is further expected to have a positive impact on the growth of the automotive plastics market in the coming years.

Main market players

Major players in the market are BASF SE, Covestro AG, SABIC, Dow Inc., and Borealis AG, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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